Is “Working For Yourself” The Only Way To Get Rich?

“Keep moving. Slower or faster does not matter as long as you do not stop.” – Confucius

Contrary to popular mythology, most self-employed business owners are not getting rich. In fact, the average income of small-business owners is virtually the same as that of employees. According to the National Federation of Independent Business (NFIB) Small Business Policy Guide, both workers and employees make a median income of $33,000.That’s the most common income of both groups, but it doesn’’t tell the whole story. If you want to know who is making the big bucks – who, for example, is bringing home more than $100,000 a year – the answer is clear: It’s the self-employed.

Also, people who employ themselves are more likely than their wage-earning counterparts to move up and down the income scale. When the economy is strong, entrepreneurial earnings go up faster. During recessions, they take a bigger financial hit.

Risk varies for entrepreneurs depending on where they begin.

If you are in the bottom 20% of wage earners, starting your own business will probably give you a higher average income than the fellow workers you left behind. If you leave a high-paying job ($60,000 plus), chances are you will end up earning less as a self-employed businessperson than you would sticking with the 9 to 5.

Note: This last statistic doesn’’t belie what I said before about there being more high-income entrepreneurs than employees.

What does all this mean? Simply this: Quitting your job and going it alone is no guarantee of riches. Most entrepreneurs do no better than employees when it comes to earnings.

The decision to keep a job or go out on your own should be about psychological preferences, not financial ones. You can get rich – or at least achieve financial independence – either way. The trick is to develop a financially valuable skill, to use it to achieve a higher-than-average income, to save a good portion of that extra income, and to invest wisely.

In future messages, we'’ll talk more about what “investing wisely” means. Today, spend a few minutes considering the more fundamental question: Are you happier as an employee or an entrepreneur? Think about whether it’s more important to you to work on your own or with others … to have a sense of structure or to enjoy a sense of freedom … to have a boss or be one … etc.

There are benefits and drawbacks to both of these work styles. So think about it carefully. It’’s a very important consideration.$

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